New Covid19 cases in China, which remain close to April peaks, weighed on prices on Monday alongside a reinvigorated US dollar
Oil prices dropped to near two-month lows on Monday, sliding by around $1 a barrel, as supply fears receded while concerns over fuel demand from China and US dollar strength weighed on prices.US West Texas Intermediate crude futures for December were at $79.21 a barrel, down 87 cents or 1.1%, ahead of the contract's expiry later on Monday. The more active January contract last fell 69 cents or 0.9% to $79.42 a barrel.
"Risk sentiment becomes fragile as all the recent major countries' economic data point to a recessionary scenario, especially in the U.K. and euro zone," she said, adding that hawkish comments from the US Federal Reserve last week also sparked concerns over the US economic outlook. The EU's energy policy chief told the Reuters news agency the EU expected to have its regulations completed in time for the introduction of a G7 plan to cap the price of Russian crude on Dec. 5.
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